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Stay informed with the latest updates on tax strategy, accounting compliance, and financial best practices from the Clarity Tax Group team.

March 18, 2025Uncategorized

What Makes a Tax Refund Go Up?

Tax refunds are influenced by specific factors. Such factors range from income adjustments to changes in deductions and credits. It should be noted that 2025 tax brackets introduce inflation-based adjustments. So, the refund amounts may differ from previous years. A refund increase varies in accordance with the amount of taxable income, withholdings, and deductions alongside available credits. The key factors that might make a tax refund go up in 2025 are explained below:

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March 18, 2025Uncategorized

How Will Taxes Change in 2026?

The tax system is set for a major shift in 2026 as the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are scheduled to expire soon. Indeed, several changes will take effect and directly impact tax rates and deductions alongside credits without congressional intervention. Upcoming changes should be recognized in order to establish smart financial planning as well as taxation strategy adjustments.

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March 18, 2025Uncategorized

What Is the Tax Filing Threshold for 2025?

The tax filing threshold has determinative authority on the federal income tax return filing requirements. The amount changes in accordance with filing status and age information as well as income sources. These thresholds are adjusted by the IRS on an annual basis in connection with inflation.

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March 18, 2025Uncategorized

How Much Can a 70-Year-Old Earn Without Paying Taxes?

A common concern that initially appears for retirees is whether they owe taxes on their income. It should be acknowledged that 2025 tax brackets play a major role in determining tax obligations. Those over 70 may benefit from higher standard deductions and Social Security exemptions.

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March 15, 2025Uncategorized

2025 Tax Brackets: Federal Income Tax Rates & Key Changes

2025 tax brackets have fundamental importance for taxation burden and financial planning. It is recognized that the IRS updates tax rates each year in order to reflect inflation and economic shifts, which can influence tax liabilities and refunds as well as deductions. This guide presents an outline of federal tax brackets 2025, highlights tax rate changes for 2025, and explains how these updates might impact individual taxpayers, establishments, and retirees.

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March 12, 2025Uncategorized

Trump’s Tax Plan for 2025

The 2017 Tax Cuts and Jobs Act (TCJA) was signed into law by Donald Trump. TCJA had a reshaping impact on the federal tax system since it reduced individual as well as corporate tax rates significantly. Considering that the TCJA’s provisions expire in 2025, the newly re-elected Trump administration has prioritized extending and expanding such tax cuts to protect lower taxation burdens for individuals and establishments.

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March 12, 2025Uncategorized

Best Manhattan CPA Firm – Work With Expert Tax Accountants Today

Navigating taxes in Manhattan requires local expertise. Dimov CPA offers comprehensive tax preparation and financial planning tailored to Manhattan residents and businesses — from high-net-worth individuals to tech startups. Our team provides personalized strategies to ensure compliance with state and federal tax laws while maximizing your savings.

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March 4, 2025Uncategorized

Do Tourists Pay City Tax in New York?

New York City is one of the world’s most visited destinations. The city draws millions of tourists each year. Without a doubt, visitors don’t have to worry about income taxes. However, they are subject to several other taxes during their stay. In the case of planning a trip to the Big Apple, certain taxes should be considered as outlined below.

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March 4, 2025Uncategorized

How to Avoid NYC Tax?

New York City is a thriving economic hub. It definitely attracts professionals from neighboring states and beyond. NYC imposes an income tax on residents. Yet, non-residents may wonder if they are subject to city taxes.

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March 4, 2025Uncategorized

What Is the 14-Day Rule for Non-Residents in NY?

New York’s tax rules can be complicated, especially for non-residents who occasionally work in the state. One important provision is the 14-day rule. This rule may present assistance in preventing tax obligations. It is particularly relevant for out-of-state workers and freelancers as well as business professionals who visit New York for short-term assignments.

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March 4, 2025Uncategorized

Does New York City Tax Non-Residents?

New York City is a major employment hub. The city attracts workers from across the region, indeed including commuters from neighboring states and remote employees working for NYC-based companies. This raises a key question: Does New York City tax non-residents?

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March 4, 2025Uncategorized

Do I Have to Pay New York Taxes if I Work Remotely?

Remote work has become more popular than ever. It should be acknowledged that tax obligations can be tricky for employees of New York-based companies. In case the employees live outside the city but work remotely for an NYC employer, they may question if New York City or New York State taxes are owed. The answer changes in accordance with several factors like information on the location of residency and how their work arrangement is structured.

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